Property Tax revenue continues to increase showing it is up 14.8% from FY 2022-2023. The increase is also attributed to Non-Departmental line items such as gap-funding support for Special Assessment District Funds, rising Los Angeles County Fire Contract charges, insurance premiums, and one-time expenditures.”
Inflation continues to linger, forcing us to be more cautious about commodity pricing. The increases support negotiated wage and benefit costs, service level restoration, additional operating program enhancements, and debt servicing schedules. Although expenditures continue to rise, this year expenditures were offset by reductions in retirement cost (accrued unfunded liability), lowered election expenses, and by funding only capital improvement projects expected to be completed during the budget period. “The FY 2023-24 General Fund reflects expenditures of $202,938,761, a 3.6% increase over the FY 2022-23 approved budget expenditures. The FY 2023-24 revenue estimate is also the result of an anticipated positive fund balance carryover from FY 2022-23 of $20.3M.
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Higher revenue projections are the result of increased Property Tax, Sales Tax, Vehicle In-Lieu (VLF), Utility User Taxes, Business License Taxes, and fees for service. The $202,938,761 in planned General Fund expenditures are supported by estimated General Fund revenues of $209,805,503, resulting in a projected year-end balance of $6,866,742.Īccording to the proposed budget, the FY 2023-24 General Fund revenues are estimated to total $209,805,503, which represents a 4.0% increase from the previous fiscal year. General fund expenditures support community development, parks and recreation, public safety (including police and fire), public works, and other services. The General Fund is the main operating fund for the City and can be used at the discretion of the City Council for the provision of activities, programs, and services deemed necessary and desirable by the community. The City’s General Fund comprises $202,938,761 of the total. The proposed FY 2023-24 City of Inglewood Total Operating budget totals $371,116,545.
and the rest of the council falls in line without voicing any concerns. It appears that the spending is dictated by Inglewood Mayor James T. Inglewood never allows the public to participate in budget workshops to give input on how taxpayer funds will be spent. 19 which projects a $7 million fund balance.
INGLEWOOD (2UG) – The city of Inglewood will present its fiscal year (FY) 2023-2024 budget to the public on Sept.
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